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What is the IRS Form 1099?

The IRS 1099 Tax form is a series of 23 documents that is often referred to by the IRS as “information returns”. These forms are used to report various forms of income that have been received, earned, or paid-out throughout the year. This does not take into account any salary that had been paid by the employer.

What are the Various 1099 Forms? Who Needs to File It?

1099 MISC Form

The 1099-MISC form is used to report any miscellaneous income transactions, or the total amount that was paid-out to an individual for their services throughout the current taxable year. Also, if there had been at least $10 paid-out in royalties, or at least $600 were paid-out to any independent contractors, sole proprietors, or any member(s) of a partnership or LLC, then by law, this form is required to be filed by the “payer”.

IRS 1099-INT Form

The 1099-INT tax from is used to report all of the interest income that has been received from banks, financial institutions, government agencies, and or any brokerage firms. If you have received at least $10 from any bank or any other financial institution, you are required by law to file a 1099-INT tax form.

IRS 1099-K Form

The 1099-K tax form is used to report any payment transactions. These payment transactions include any transactions that were made via debit cards, credit cards, or any third-party payment network transactions. A payment settlement entity (PSE) must file the 1099-K tax form for any settlement payments or any reportable payment transactions that have occurred during each calendar year.

When is the Deadline for the 1099 Forms?

The deadline for electronically filing any of these 1099 forms is April 1st of each calendar year. However, if any of these 1099 forms are paper filed, the deadline is February 28th.